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PASADENA, Calif.-- VIASPACE Inc. (OTC Bulletin Board: VSPC), a company dedicated to commercializing proven technologies from NASA and the Department of Defense, today announced that Bernard P. (Randy) Randolph, a retired Air Force General and a former executive at the TRW Space and Electronics Group, has been elected to the company's board of directors.
General Randolph, who served in the U.S. Air Force for 35 years, has extensive experience in both military and commercial development of high technology systems. His last Air Force assignment was as Commander of the Air Force's Systems Command, which was responsible for the development and procurement of all major defense systems. General Randolph later joined TRW Space and Electronics Group, where he held dual roles as Vice President and General Manager of the Defense Communications Division and Vice President and Special Assistant to the Group General Manager. General Randolph's complete biography can be found at www.VIASPACE.com.
"We are delighted that someone with the experience and reputation of General Randolph shares our strategic vision and has agreed to join our board," said Carl Kukkonen, VIASPACE's chief executive officer. "His involvement is a major boon to the company and management will greatly benefit from his insight and counsel. We hope to elect additional directors in the weeks ahead."
VIASPACE was recently the focus of an article in Barron's which included various allegations including that the Company's stock had been subject to aggressive and costly stock promotional activities, including a SPAM email and facsimile campaign, and that the company's largest non-management shareholder, SNK Capital Trust ("SNK"), had questionable ties.
"VIASPACE did not authorize, or pay any fees, for the promotional activities outlined in the Barron's article and has taken deliberate steps to disavow these activities," Dr. Kukkonen said. "Our efforts included formally notifying the Securities and Exchange Commission about the unauthorized spam and facsimile campaign and posting a disclaimer on our website. A newspaper insert last August touting our stock was placed without our prior knowledge and consent and the analyst quoted in the circular was not compensated by VIASPACE."
Dr. Kukkonen added: "VIASPACE is working aggressively and responsibly to limit any further unauthorized promotion of its shares."
VIASPACE announced last week that SNK voluntarily agreed to extend the lock-up of its 61,204,286 shares for five years until April 9, 2011. This represents 21% of the outstanding shares in the company. These shares previously were restricted until June 22, 2006 under SEC rule 144.
VIASPACE founders, executive officers and others own 176,445,000 shares (60.5%) which are restricted under SEC rule 144. In addition, 27 million shares held by four shareholders have also voluntarily agreed to lock-up their shares for five years until April 9, 2011. Of the 291,649,286 shares which are outstanding, only 27 million (9.3%) are free trading.
Dr. Kukkonen said VIASPACE was not previously aware of the allegations about SNK until it read about them in Barron's.
About VIASPACE: VIASPACE is a diversified
technology company with knowledge and expertise in energy/fuel cells, microelectronics,
sensors, homeland security and public safety, and information and computational
technology. VIASPACE was founded in 1998 with the objective of transforming
proven space and defense technologies from NASA and the Department of Defense
into hardware and software solutions that solve today's complex problems.
For more information, please visit our website at www.VIASPACE.com.
The company can be contacted at IR@VIASPACE.com.
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